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UI Post-UTME Commerce 2025 (Model questions) Question 10

Question 10

Banking

Which of the following are functions of commercial banks?
I. Accepting deposits and granting loans
II. Issuing currency notes
III. Facilitating domestic and international payments
IV. Providing agency services

  1. A.I and II only
  2. B.I, III and IV only
  3. C.II and III only
  4. D.All of the above
Show the answer and explanation

Answer: B (I, III and IV only)

Explanation

Commercial banks take deposits, lend, make payments and act as agents; only the Central Bank issues currency.